Basil Pappas spent his youth working in the restaurants of several of his close relatives. Now, he wants to venture into his own business and has decided that he will open his own restaurant. Basil needs more money than he can come up with on his own, so he plans to ask his two brothers to put up some money in exchange for a share of ownership. Such an arrangement means that the company CANNOT be formed as which of the following?

Question

Quizplus · Accepted Answer

A sole proprietorship is a business owned and operated by one person. Since Basil plans to ask his two brothers to invest in exchange for a share of ownership, the business cannot be a sole proprietorship, as it would involve multiple owners.

Basil Pappas Spent His Youth Working in the Restaurants of Several